While it doesn't directly offset the income picked up from the inherited IRA distribution on your tax return, this could partially or fully offset the tax impact and be a completely legit way to accomplish sort of a backdoor rollover.For example.. 

Uses to see this advertised.

Looking in the Texas area for my first deal of 32-64 unit MFH. If anyone could include what to look out for in a good deal and a bad deal

Adding an ADU Lessons learned?

Quote from @Makani Donaldson: I’m interested mostly in cash flow.  

I agree that is will be a gamble as to how well it will do.Also, ask the owner if they will entertain partial owner financing to keep from dragging family and friends into this risky business venture.Maybe even rent from owner for a year with right to sublease to see how it goes before committing to a purchase.

Most hosts in Chicago just pocket the full funds from direct booking, you would be in the very very small majority if actually paid city taxes on it.

Probably better to post in the Buying & Selling Real Estate Forum.Without details, hard to answer the question.

Quote from @Daniel Vargas: I think you should consider a house hack.

Thank you for posting that very detailed experience.